Tweed housing market leads state
THE Tweed housing market is leading New South Wales with the latest figures revealing the region has recorded the strongest annual growth in the state.
The median house price on the Tweed has increased by 13% for the year according to the Domain regional house price report released late last week.
The revelation comes on the back of another strong quarterly performance with the median house price in Tweed climbing by 2.0% to $520,000 in the September quarter.
Domain chief economist Andrew Wilson said the latest figures are a continuation of a strong overall trend.
"High demand from lifestyle and retiree buyers is stimulating the Tweed market with house prices increasing at the fastest annual rate of all the major NSW regional cities," Dr Wilson said.
Tweed real estate agent Simon Beck said the market had been strong and it showed no signs of slowing down.
"It's looking very positive," he said.
"Demand is still up and supply is down. It's getting to the stage along the coastal strip where there's not a lot of land left.
"Kingscliff house prices have risen 36% since 2010, the price of units has risen 8%. There has been growth all over the area."
Mr Beck, principal of the newly established Kingscliff-based Fresh Estate Agency, said buyers were snapping up properties in quick time.
"The average days on market was 30 days," he said. "That was prior to the election. Since then it has pushed out to 60 to 80 days but it is starting to come back again.
"More and more people are discovering the area."
Mr Beck said the price of rental properties had also with high demand and low supply.
The growth in the Tweed market was mirrored in the Ballina region where the median house price increased by 4.4% to $550,000 for the quarter as part of a 12.2% annual increase.
The median house price in Lismore decreased to $340,000, a 2.9% fall over the quarter but the region produced a modest 0.7% increase for the year.
The Gold Coast also paled in comparison to the Tweed, with the median house price dropping by 1.4% to $562,000. Despite the quarterly decline, Gold Coast prices have increased 3.1% for the year.